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mortgages Buying a Home - down payment amount

Buying a Home - How large of a down payment do I need?

There are mortgage options now available that only require a down payment of 5% or less of the purchase price. But the larger the down payment, the less you have to borrow, and the more equity you'll have.

Mortgages with less than a 20% down payment generally require a mortgage insurance policy to secure the loan. 

When considering the size of your down payment, consider that you'll also need money for closing costs, moving expenses, and - possibly -repairs and decorating.

>> What is an LTV, and how does it affect the size of my mortgage loan?

 

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